Developer in Peru makes final payment on Packard Plant

Dec. 12, 2013

Brian Kaufman/Detroit Free Press

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Detroit Free Press Business Writer

Peru-based developer Fernando Palazuelo, shown in October, told the Free Press this afternoon that he has made the final payment due to the Wayne County Treasurer's office to buy the derelict Packard Plant. / Brian Kaufman/Detroit Free Press

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Peru-based developer Fernando Palazuelo said Thursday he made the final payment to Wayne County for the Packard Plant.

Palazueleo, dubbed El Conquistador Del Centro for his redevelopment of downtown areas in other countries, finished third in October’s tax foreclosure auction. He made a 10% payment in November, and the the county treasurer gave him until Dec. 18 to pay the rest.

Chief Deputy Wayne County Treasurer David Szymanski said word of the payment into an escrow account came after business hours, but he said the office has no reason to doubt Palazuelo.

Palazuelo has said he aims to redevelop the site into a mixed-use project over 10-15 years or more. He sees six components — residential, retail, offices, light industry, recreation and art — with an estimated price of $350 million.

Built in the early 1900s, the factory complex was among the most modern industrial facilities in the world but was growing obsolete by the time vehicle production ceased in the 1950s. The Packard complex has slowly deteriorated since then and today is an international symbol of Detroit’s downfall.